Agritech Ecotrace Raises R 2 Million For National Expansion
Ecotrace, an agritech startup based in Vinhedo, São Paulo, has successfully closed an investment round through Captable, raising R$ 2,055,607 from 192 investors in just over 20 days. The company specializes in end-to-end traceability of commodities using blockchain and artificial intelligence technologies and has already tracked over 6 million tons of commodities, classifying more than 7.8 million images.
With the new funds, Ecotrace plans to allocate 40% towards the development of new technologies, including advancements in blockchain and AI, 30% for expanding its operations into new international markets, and 30% for enhancing existing products. This strategic investment aims to solidify Ecotrace’s market position and accelerate the adoption of sustainable practices in global production chains. As reported by Startupi, Flávio Redi, CEO of Ecotrace, expressed gratitude for the investor support, emphasizing the company’s commitment to making the global supply chain more transparent and sustainable.
In recent years, Ecotrace has seen significant growth, with a gross operational revenue increase of 11 times from 2019 to 2023, reaching R$ 7 million in 2023. The company also reported a 27-fold increase in recurring revenue from 2021 to 2023, maintaining a 0% churn rate. Looking ahead, Ecotrace has set ambitious annual revenue targets, projecting to start at R$11.4 million in 2024 and aiming to scale up significantly by 2028. The company has established strategic partnerships with industry giants such as Frigol, JBS, Minerva Foods, and Renner, and was ranked second in the 2023 100 Open Startups list for agritechs.
For more details on Ecotrace and its initiatives, read the full article by Marystela Barbosa on Startupi: Read the full article in Portuguese.
